Rare Brooklyn Heights Multifamily Portfolio
Brooklyn Law School Portfolio
Brooklyn Heights, NY 11201
Address:
89 Hicks St
18 Sidney Pl
144 Willow St
100 Pierrepont St
27 Monroe Pl
Asking Price:
$15,500,000
$6,250,000
$4,750,000
$4,500,000
$5,500,000
38 Monroe Pl
$4,650,000
Description:
Elevatored
Multi-Family
Elevatored
Multi-Family
User Live / Income
Development /
Conversion
User Live / Income
Development /
Conversion
User Live/Income
Development /
Conversion
User Live / Income
Block / Lot:
226 / 4
263 / 44
234 / 67
243 / 33
237 / 57
238 / 19
Lot Size:
50’ x 100’ (Approx.)
25’ x 100’ (Approx.)
25’ x 101’ (Approx.)
20’ x 100’ (Approx.)
25’ x 100’ (Approx.)
22’ x 100’ (Approx.)
Building Size:
50’ x 81’ (Approx.)
25’ x 50’ (Approx.)
25’ x 60’ (Approx.)
20’ x 55’ (Approx.)
25’ x 71’ (Approx.)
22’ x 66’ (Approx.)
Stories:
6 Plus Usable Basment
7 Plus Basement
5 Plus Basement
5 Plus Basement
5 Plus Basement
5 Plus Basment
Gross SF:
19,500 (Approx.)
9,875 (Approx.)
7,500 (Approx.)
6,000 (Approx.)
7,300 (Approx.)
6,167 (Approx.)
Units:
48
19
10
10
13
10
Zoning:
R7-1 / LH-1
R6 / LH-1
R7-1 / LH-1
R7-1 / LH-1
R7-1 / LH-1
R7-1 / LH-1
Legal Use:
D3 / Elevator
Apartments
D9 / Elevator
Apartments
C1 / Over Six
Families
C1 / Over Six
Families
C1 / Over Six
Families
C1 / Over Six
Families
Assesment (13/14):
$1,498,860
$539,130
$386,144
$323,199
$459,810
$371,293
Taxes (13/14):
$198,464
$71,386
$51,123
$42,795
$60,883
$49,163
89 Hicks St
144 Willow St
27 Monroe Pl
38 Monroe Pl
100 Pierrepont
St
P o r tf o l i o D E S C RI P T IO N Massey Knakal Realty Services has been retained on an exclusive basis to handle the disposition of the Brooklyn
Law School Portfolio, offering six prime multi-family properties located in the historic Brooklyn Heights neighborhood
of New York City. In total, the portfolio features 110 residential apartments and totals approximately 56,342 gross
square feet. The properties have been continuously acquired dating back to the 1980’s and have been owner / occupied
by Brooklyn Law School. The portfolio represents the rare opportunity to add value in Brooklyn Heights. 89 Hicks
Street & 18 Sidney Place are elevatored apartment buildings being delivered mostly vacant. 144 Willow is a multi-family walk
up being delivered mostly vacant. 100 Pierrepont, 27 Monroe and 38 Monroe are walk-up multi-family buildings being
delivered entirely vacant. The portfolio remains conveniently located with-in a half-mile radius of each other. Potential
purchasers have the rare opportunity to control a number of assets in one of the strongest residential markets in all of
New York City. The location coupled with the opportunity for upside makes these properties several of the most highly
sought after buildings in all of Brooklyn.
6 Prime Brooklyn Heights Multi-Family Buildings - 110 Residential Units
18 Sidney Pl
Portfolio Asking Price: $41,150,000
For further information or inspection, please contact Exclusive Agents:
Stephen P. Palmese
Senior Executive VP
spalmese@masseyknakal.com
718.307.6552
Winfield Clifford
Associate Director of Sales
wclifford@masseyknakal.com
718.606.7054
Michael Mazzara
Associate
mmazzara@masseyknakal.com
718.606.7052
Thomas Freeland
Associate
tfreeland@masseyknakal.com
718-606-7021
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary
percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE
PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
205 Montague Street • Third Floor • Brooklyn, NY 11201 • 718.238.8999 • Fax 718.238.6091
WWW.MASSEYKNAKAL.COM
THE BRONX BROOKLYN MANHATTAN NASSAU QUEENS STATEN ISLAND WESTCHESTER
3
Principal Confidentiality and Indemnification Agreement (the “Agreement”)
Brooklyn Law School Portfolio
Principal:
________________________________ (“Potential Purchaser”)
Title:
________________________________
Company:
________________________________
Address:
________________________________
Address:
________________________________
Phone/Fax:
________________________________
E-Mail:
________________________________
Re: Confidentiality and Indemnification Agreement
Massey Knakal Realty Services (“Broker”) has been retained by the owners (“Owner”) to market the
properties listed on the attached Schedule A (the “Properties”) for sale. The Potential Purchaser has requested
certain information (the "Confidential Information") concerning the Properties. Broker may make such
Confidential Information available to Potential Purchaser upon execution of this Confidentiality Letter. The
Confidential Information is intended solely for Potential Purchaser’s limited use in evaluating the Properties.
This is not an agreement to sell the Properties or any interest therein. No agreement binding upon Owner, or
any of its associated or affiliated companies, to sell the Properties shall be deemed to exist, at law or equity, until
Owner enters into a formal binding agreement, fully executed and delivered by all parties thereto. Broker has no
authority to bind Owner in connection with the sale of the Properties or otherwise.
The Confidential Information contains brief, selected information pertaining to the Properties and the
business and affairs of Owner. It does not purport to be all inclusive or to contain all the information which
Potential Purchaser or a prospective purchaser or lender may desire. Neither Owner nor Broker makes any
representation or warranty, expressed or implied, as to the accuracy or the completeness of the Confidential
Information and no legal liability is assumed or to be implied with respect thereto.
Broker has informed Potential Purchaser that it is of utmost importance that all discussions concerning
the proposed transaction (including, without limitation, the fact that any discussions have taken or are taking
place) be kept in strict confidence. Accordingly, Potential Purchaser hereby agrees that the Confidential
Information will be used only in connection with the proposed transaction and its consideration thereof, and that
all discussions concerning the transaction, as well as all Confidential Information, will be kept confidential by
Potential Purchaser and its partners, officers, members, agents, employees, contractors, and consultants, and
shall not, except as hereinafter provided, be disclosed in any manner whatsoever without the prior written
consent of Owner, which may be granted or withheld in Owner’s sole and absolute discretion. Information
concerning the transaction and the Confidential Information shall be submitted only to those partners, officers,
members, agents, employees, contractors and consultants who need to know such information for the purpose
of evaluating the transaction and who shall (i) be advised by Potential Purchaser of the confidential nature of the
information and (ii) shall be instructed by Potential Purchaser to treat such information confidentially. Potential
Purchaser will be responsible for any such persons to comply with such instruction.
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Owner expressly reserves the right to reject any or all proposals or expressions of interest to purchase
the Properties, to consummate the sale of the Properties to a party other than Potential Purchaser, and to
terminate discussions at any time with or without notice. If Potential Purchaser does not wish to pursue
negotiations, or such negotiations are undertaken but a transaction fails to be consummated with Potential
Purchaser, Potential Purchaser hereby agrees to promptly return the Confidential Information to Broker.
Potential Purchaser understands and foresees that any violation of this Confidentiality Letter would
damage Owner and Broker and their respective successors. Potential Purchaser hereby agrees to indemnify,
defend and hold harmless Owner and Broker and their respective members, directors, officers, employees, agents,
representatives, successors and assigns from and against any and all liability, claim, demand, loss, cost, damage,
expense or cause of action (including without limitation, reasonable attorneys' fees and expenses) in connection with
any breach or alleged breach of the confidentiality provisions of this Agreement. In addition, Potential Purchaser
agrees that Owner and Broker will have no adequate remedy at law if Potential Purchaser violates any of the
terms of this Confidentiality Letter. In such event, Owner and/or Broker will have the right, in addition to any
other right Owner and Broker may have, to seek injunctive relief to restrain any breach or threatened breach by
Potential Purchaser or specific enforcement of such terms.
Potential Purchaser understands and agrees that the Confidential Information does not purport to be
complete and accurate, and that Potential Purchaser will rely entirely on its own due diligence with regard to all
matters. No representations or warranties are implied by the submission of the Confidential Information and
none is given unless Owner subsequently elects to make specific, limited representations and warranties in a final,
fully executed and delivered, sale agreement definitive in form and scope. Potential Purchaser agrees that neither
Owner nor Broker shall not have any liability to Potential Purchaser as a result of its use of the Confidential
Information and it is understood that Potential Purchaser is expected to perform and be responsible for such due
diligence investigations and inspections of the Properties, including investigation of any environmental
conditions, as Potential Purchaser deems necessary or desirable and as permitted by agreement with Owner.
Very truly yours,
MASSEY KNAKAL REALTY SERVICES, Agent
By_____________________
[Authorized Signature]
ACCEPTED AND AGREED TO:
Principal:
______________________ (Please Print)
Signature:
______________________
Title:
______________________
Dated:
___________________, 2013
Please email or fax this fully executed agreement to Theresa Rimarachin at:
trimarachin@masseyknakal.com or (718)-238-6091
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SCHEDULE A
No.
1.)
2.)
3.)
4.)
5.)
6.)
Address
18 Sidney Place, Brooklyn, NY
27 Monroe Place, Brooklyn, NY
38 Monroe Place, Brooklyn, NY
89 Hicks Street, Brooklyn, NY
100 Pierrepont Street, Brooklyn, NY
144 Willow Street, Brooklyn, NY
Please email or fax this fully executed agreement to Theresa Rimarachin at:
trimarachin@masseyknakal.com or (718)-238-6091
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